Capital Planning and Debt Overview
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1 CITY OF MINNEAPOLIS Capital Planning and Debt Overview Presentation to the Board of Estimate & Taxation February 10,
2 Agenda Review Key Terms High Level Capital Funding Park Board Capital Program City Debt Capacity Bond Redemption Levy Net Debt Bond Considerations Debt Service Statistics and 2016 Budget Conclusion 2
3 Review of Key Terms Net Debt Bonds: General Obligation property tax supported bonds issued to finance general infrastructure improvements. Bond Redemption Levy: A dedicated tax levy used for payment of principal and interest on property tax supported bonds (NDB). Debt Service: Refers to payments required for principal and interest on outstanding bonds. 3
4 Funding Sources for Five Year Capital Program $ M MSA 7% Assessments 10% Net Debt Bonds 23% Other/Grants 9% Reimbursable 7% Federal Grants 3% Enterprise Revenues 21% Park Capital Levy 1% Enterprise Bonds 23% 4
5 Funding Sources for 2016 Capital Program $ M MSA 7% Assessments 9% Other/Grants 10% Federal Grants 5% Net Debt Bonds 24% Reimbursements 7% Park Capital Levy 1% Enterprise Revenues 19% Enterprise Fund Bonds 18% 5
6 Net Debt Bond Allocation Five Year Total $155.0 M Infrastructure Category Total Percent (in 000's) MBC 1,470 1,105 1,380 1, , % PARK BOARD 2,500 1,500 1,000 3,315 1,840 10, % PUBLIC WORKS : STREET PAVING 13,135 9,630 9,800 11,090 6,740 50, % SIDEWALKS , % BRIDGES 400 2,285 4,330 5,685 13,660 26, % TRAFFIC CONTROL & LIGHTING 4,460 3,355 3,890 4,780 4,560 21, % BIKE TRAILS 760 1,250 1,000 1,140 1,940 6, % Public Works Sub-Total 19,070 16,845 19,355 23,040 27, , % INFORMATION TECHNOLOGY 3,300 1, , % PUBLIC GROUNDS & FACILITIES 5,910 6,350 1,000 13, % MISCELLANEOUS PROJECTS ,620 6, , % Total Net Debt Bonds Allocated 32,830 27,900 29,555 34,490 30, , % *Only the first year funding is adopted as part of the budget. 6
7 CIP Park Board Neighborhood Capital Projects $ M Projects Council 2016 NDB Council 5 yr NDB Playground and Site Improvements Program $0.00 M $3.115 M Shelter Pool Site Improvements Program $0.00 M $2.05 M Athletic Fields and Site Improvements Program $0.00 M $0.70 M Bossen Park Field Improvements $2.50 M $2.95 M Bryn Mawr Meadows Field Improvements $0.00 M $1.34 M Total NDB Funding for Parks $2.50 M $ M Neighborhood Parks Capital funded with Park Capital Levy $1.652 M $8.646 M Total Neighborhood Capital Projects (excluding Dis Tree) $4.152 M $ M 7
8 City Debt Capacity Debt Capacity is determined by State Statute but utilized based on policymaker s willingness to tax and raise fees to ensure adequate debt service coverage Net Debt is subject to a Legal Debt Margin of 3.33% of Assessed Market Value (as adjusted) For 2015, legal debt margin was $1.22 B and usage was $.11 B, leaving $1.11 B of capacity to issue In the last decade, the City has made great strides in improving our capacity to pay by paying off debt Capacity to pay is equal to or more important than Capacity to issue! 8
9 Net Debt Bond Considerations (the moving parts) Cash Balance in Debt Service Fund Bond Redemption Levy Plans $37.8 to $38.8 M Debt Service for bonds already issued Bonds authorized but not yet issued for prior years ~ $49 M 2016 NDB authorized $32.8 M NDB Plans = $122.2 M Future NDB Plans = $180 M 9
10 Bond Redemption Levy $45.0 Millions $40.0 $35.0 $30.0 $25.0 $20.0 $ $10.0 $5.0 $0.0 Adopted/Projected Levy Net Debt Spending 10 Years Per Five-Year Financial Direction with other tax supported budget demands
11 $1.6 12/31/2015 Outstanding City Debt Year Ending 2004 to 2015 (in billions) $1.4 $1.2 $1.0 $0.8 $0.6 $0.4 $ $ General Obligation Bonds/Notes Non-General Obligation Bonds 11
12 12/31/2015 GO Debt Outstanding Debt Type with 2004 Peak Debt Balances* 12/31/15 Balances** Change from 2004 Enterprise Funds - $ M $ M ($195.61) M Convention Center - $ M $ M ($128.04) M Tax Increment - $ M $80.00 M ($126.31) M Special Assessment - $49.30 M $39.29 M ($10.01) M Other Self Supporting - $22.70 M $74.73 M $52.03 M Internal Service Funds - $ M $16.01 M ($85.15) M Library Referendum - $93.40 M $73.75 M ($19.65) M Net Debt Bonds - $56.85 M $31.42 M ($25.43) M Pension - $ M $0.00 M ($117.87) M Total GO 2004 vs 2015 $1, M $ M (656.04) M Peak GO Debt in 2004, 1996 was $766 M ** Includes 2015 issuances for NDB of $15 M and $5 M for Nicollet Mall. 12
13 Outstanding 12/31/15 $ M Enterprise Funds 33% Convention Center 18% Library Referendum 11% Net Debt Bonds 5% Internal Services 3% Self Supporting 12% Special Assessment 6% Tax Increment 12% 13
14 2016 Estimated Debt Service Budget (Including 2016 estimated debt issuances) Debt Type Principal Interest Total Enterprise Funds $21.62 M $7.15 M $28.77 M Convention Center $21.15 M $3.46 M $24.61 M Net Debt Bonds $34.42 M $.62 M $35.04 M Tax Increment $5.77M $3.57 M $9.34 M Library Referendum $6.80 M $1.52 M $8.32 M Special Assessment $7.52 M $1.18 M $8.70 M Internal Services $4.99 M $.52 M $ 5.51 M Self Supporting $.77 M $3.05 M $3.82 M Total Debt Service Budget $ M $21.07M $ M 83% Principal 17% Interest 2016 Avg Interest Rate 3.06% Variable Rate Debt 0.34% 14
15 2016 Debt Service Budget $ M Net Debt Bonds 28% Self-Supporting 3% Library Referendum 7% Convention Center 20% Special Assessment 7% Enterprise Funds 23% Internal Service Funds 4% Tax Increment 8% 15
16 City of Minneapolis Property Tax Supported Debt Per Capita Debt (millions $) $700 $600 $500 $400 $300 $200 $100 $ Year 16
17 Questions/Conclusions? Michael Abeln Director of Capital & Debt Management Thank You 17
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